Exxon Mobil Corporation has signed the largest offshore carbon dioxide (CO2) storage lease in the US, covering more than 271,000 acres in collaboration with the Texas General Land Office (GLO).
The lease agreement will directly benefit the Texas Permanent School Fund, generating revenue to support education for Texas children while advancing emissions reduction and fostering local community development.
Dan Ammann, president of ExxonMobil Low Carbon Solutions said, “With our growing roster of customers ready to deploy CCS, we’ll be driving substantial emissions reductions along the Gulf Coast through a comprehensive solution that includes capture, transportation, and storage—capabilities that make us a clear leader.”
“As the steward of 13 million acres of energy-rich state land, I am proud to partner with ExxonMobil in utilising state land for innovative solutions that can help ensure future energy production. Energy independence is vital to ensuring our state and country remain economic leaders around the globe,” said Texas Land Commissioner Dawn Buckingham.
She added, “As a mom, I have long said that educating our children is the most important thing we do, and I am thrilled that the revenue from this lease will go toward benefiting our great state along with our Texas school children.”
The offshore site provides crucial storage space for CO2 emissions, with the Gulf of Mexico’s potential playing a key role in achieving net-zero goals. ExxonMobil, which operates the largest CO2 pipeline network in the US, is well-positioned to utilise its infrastructure to deliver a comprehensive end-to-end solution for carbon storage.